Why are you participating for Based India?

We are participating in the Based India hackathon to address a key challenge faced by local businesses and individuals: making cross-border payments faster and more efficient.

Hackathons like Based India provide an ideal platform to innovate and create impactful solutions tailored to real-world problems. By leveraging the Base Blockchain, we've crafted SwiftX to ensure seamless, instant transactions that help people connect financially across borders without the usual delays. Participating in this event allows us to showcase our work, learn from the community, and contribute to building better financial solutions for everyone.

What challenges are you focusing on?

The overall challenge we are trying to solve is around making cross border payments, at the moment due to time-zone differences a normal transaction takes upto atleast 24 hrs to complete. And in this time the recipent has to wait for that amount to continue with their operaptions.

For example a client in the US wants a manufacturer in India to start manufacturing a 1000 sets of toys, they would have to wait alteast for a day or two to get the payment and then start their manufacturing. This causes a lot of problems for the clients overseas and also for the local businesses to be effecient.

How does your submission address this challenge?

SwiftX tackles the challenge of slow cross-border payments by introducing instant transactions using a dual-ledger system with blockchain tokens as guarantees. Instead of waiting for the traditional banking system to settle, our pledge model allows the receiving partner to disburse funds immediately, ensuring the recipient gets access to the money without delay. This means businesses can keep their operations.

Challenges we ran into

One of the significant challenges we faced was navigating regulatory compliance across different jurisdictions. Ensuring that SwiftX meets all AML/KYC requirements while also enabling instant payments was complex, as each country has its own set of rules. We had to develop automated compliance checks that are flexible enough to adapt to varying regulations, which took considerable time and effort.

Another challenge was balancing instant liquidity with security. Providing instant payouts using blockchain tokens meant ensuring that the value was always accurately represented and secured, without risking double-spending or fraud. Developing a reliable system that could manage these risks while maintaining the speed of transactions required careful planning and multiple iterations.

Lastly, scalability was a significant focus. As we aim to handle increasing transaction volumes, ensuring that our infrastructure could grow without compromising on performance or security posed a challenge. We had to optimize our system to handle both large volumes of transactions and peak loads, which involved testing under various stress conditions to ensure stability.

Additional Features

1. Multi-Currency Support: SwiftX supports multiple currencies, making it easier for businesses to handle payments across different countries without worrying about currency conversions.
2. Instant Transaction Notifications: Users receive real-time notifications when payments are initiated, processed, or completed, providing transparency throughout the transaction lifecycle.
3. Audit Trail and Reporting: The platform offers comprehensive audit trails and reporting tools to help businesses track and document all payment activities, ensuring transparency and easy access to transaction history.
4. Integration with Existing Systems: SwiftX can be seamlessly integrated with existing financial systems and ERPs, minimizing disruptions and providing a smooth user experience.
5. Smart Contract Automation: Key aspects of the transaction process, such as payment guarantees and compliance checks, are automated using smart contracts, reducing the risk of manual errors and speeding up transaction times.